Media helps teens with money management

Social media services are commonly used by teens to communicate, and now financial services companies are using the tools to help educate consumers about personal finance.

Charles Schwab is starting to offer advice to their youngest money managers with quizzes and tips on their website as well as messages through Twitter.

The financial services company notes that while some money management tips hold true at any age, there are some that are particularly important to follow when a person is handling their finances for the first time, such as filing a tax return and getting out of debt.

“While young adults today face significant challenges and an increasingly complex financial world, there are simple steps they can take to make sound financial choices and get a good start toward financial well-being,” said president of the Charles Schwab Foundation Carrie Schwab-Pomerantz. “The good news is that small changes today can result in a big difference for their future.”

There has been increased attention given to financial literacy in recent years. Household debt was at 133 percent of disposable income in 2007, reports USA Today.

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